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Order Types, etc.

Osaka Exchange

Order Types

Order Types Outline Example
  1. Limit Order
An order submitted with a specified limit price and to be executed at the specified price or better price. icon-pdf
  1. Market Order
An order submitted without the specified limit price and to be executed against the best bid or the best offer in order.* icon-pdf
  • The unfilled part of a market order cannot be stored on the order book (the unfilled part is forced to be cancelled).

Conditions for Validity Period and Executed Volume

It is required to specify any of the following conditions at the submission of an order.

Conditions Outline
Good for Day (GFD) Valid until the end of the Day Session of the day (or, until the end of the Night Session if the order is submitted at the Night Session.).
Good till Date/ Good till Cancel (GTD/GTC) Valid until the end of the Day Session on the date the specified period ends.
Selectable from either GTD (valid until the end of the day session on the date the specified period ends) or GTC (valid until the cancellation. (If not cancelled, it is valid until the end of the day session on the last trading day.)).
Fill and Kill (FAK) In the case where there is unfilled volume after the order is partially executed, cancel the unfilled volume.
Fill or Kill (FOK) In the case where all the volume is not executed immediately, cancel all the volume.
(note)
  • ･For the handling of GTC/GTD orders around derivatives holiday trading days, please refer to "Holiday Trading".

Period Allowed for Submitting Order by each Order Type and Condition for Execution

Order Types Order Acceptance Period before Itayose Zaraba
GFD GTD GTC FAK FOK GFD GTD GTC FAK FOK
  1. Limit Order
A A A A NA A A A A A
  1. Market Order
NA NA NA A NA NA NA NA A A

(note)
  • ･"A" = "available" "NA" = "not available"
  • ･Market Order is not Available in case of Nikkei 225 Dividend Index Futures.

For Strategy trades

Order Types Order Acceptance Period before Itayose Zaraba
GFD GTD GTC FAK FOK GFD GTD GTC FAK FOK
  1. Limit Order
A A A A NA A A A A A
  1. Market Order
NA NA NA A NA NA NA NA A A

(note)
  • ･"A" = "available" "NA" = "not available"
  • ･Market Order is not Available in case of Nikkei 225 Dividend Index Futures.

Orders with closing conditions

Orders with closing conditions are available. Such orders are registered to the order book for a pre-closing session.
Please note the following points.

  • Investors must specify the pre-closing session. Please note that the available pre-closing sessions vary depending on the product.
  • The validity period of the order in the closing session will be based on that of the order with closing condition.
  • During a trading halt, orders with closing conditions will not be registered to order book even if it is in the nearest pre-closing session. In this case, orders with closing conditions with FAK or GFD will expire at the end of the session. If used with GTD/GTC, any remaining validity period will be carried over to the next day.
  • Closing condition orders that are sent during the pre-closing session, excluding NCP, converts immediately upon order acceptance.

Actual conditions available to investors depends on the broker. Please consult your broker for more information.

Strategy Trading

Calendar Spreads and Inter-Commodity Spreads are available.

(note)
  • ･Strategy trading is not available during closing auction.

Calendar Spreads

Tick Size / Combinations

Products Tick Size Combinations
Japanese Indices TOPIX Futures 0.1 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 5th contract month)
　　　
RN Prime Index Futures
JPX-Nikkei 400 Futures 1 pt
TSE Growth Market 250 Index Futures 0.5 pt
Nikkei 225 Futures \1
Nikkei 225 mini
  • 1st contract month and the farther contract month
  • 2nd contract month and 4th/5th contract month
  • 3rd contract month and 5th contract month
    (The farther contract month:2nd - 5th contract month)
　　　
Nikkei 225 micro Futures
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 4th contract month)
　　　
mini-TOPIX Futures 0.05 pt
  • 1st contract month and 2nd contract month
  • 1st contract month and 3nd contract month
　　　
TOPIX Core30 Futures 0.1 pt
TOPIX Banks Index Futures
S&P/JPX 500 ESG Score Tilted Index Futures
FTSE JPX Net Zero Japan 500 Index Futures
Nikkei 225 Climate Change 1.5℃ Target Index Futures \1
REIT Indices TSE REIT Index Futures 0.1 pt
Overseas Indices DJIA Futures 1 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 4th contract month)
　　　
FTSE China 50 Index Futures
TAIEX Futures
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 5th contract month)
　　　
Volatility Indices Nikkei 225 VI Futers 0.01 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 8th contract month)
　　　
Dividend Indices Nikkei 225 Dividend Index Futures \0.1
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 5th contract month)
　　　
Bond 5-year JGB Futures \0.01
  • 1st contract month and 2nd contract month
  • 1st contract month and 3nd contract month
  • 2nd contract month and 3nd contract month
　　　
10-year JGB Futures
mini 20-year JGB Futures
mini 10-year JGB Futures (cash-settled) \0.005
Interest Rate 3-Month TONA Futures 0.0001 pt
  • 1st contract month and 2nd contract month
  • ：
  • 5th contract month and 6th contract month

※Combinations of all contract

　　　
Commodities Gold Standard Futures \1
Platinum Standard Futures
Palladium Futures
Silver Futures \0.1
Gold Mini Futures \0.5
Platinum Mini Futures
CME Group Petroleum Index Futures 0.01 pt
Soybean Futures \10
Azuki (Red Bean) Futures
Corn Futures
RSS3 Rubber Futures \0.1
  • 1st contract month and 2nd contract month
  • ：
  • 11th contract month and 12th contract month

※Combinations of all contract

　　　
TSR20 Rubber Futures

(note)
  • ･For Silver Futures and Palladium Futures, the combination between contract months with the same contract unit is available.

Transaction Effected by Strategy Order / Price of Strategy Order

Products Transaction Effected by Strategy Buy Order Strategy Price
Index Futures/
CME Group Petroleum Index Futures		 Sell 1 unit of a nearer contract month and
buy 1 unit of a farther contract month		 Price of the farther contract month
- Price of the nearer contract month
JGB Futures/
Interest Rate Futures/
Commodity Futures
 Buy 1 unit of a nearer contract month and
sell 1 unit of a farther contract month		 Price of the nearer contact month
- Price of the farther contract month

Inter-Commodity Spreads

Products Contract Unit Transaction Effected by Strategy Buy Order Strategy Price
Gold Mini Futures
Platinum Mini Futures *1		 100g Buy 1 unit of Gold Mini Futures and sell 1 unit of Platinum Mini Futures Price of Gold Mini Futures
- Price of Platinum Mini Futures
Gold Rolling-Spot Futures
Platinum Rolling-Spot Futures		 100g Buy 1 unit of Gold Rolling-Spot Futures and sell 1 unit of Platinum Rolling-Spot Futures Price of Gold Rolling-Spot Futures
- Price of Platinum Rolling-Spot Futures
RSS3 Rubber Futures
TSR20 Rubber Futures *2		 5,000kg Buy 1 unit of RSS3 Rubber Futures and sell 1 unit of TSR20 Rubber Futures Price of RSS3 Rubber Futures
- Price of TSR20 Rubber Futures
  • limited to combinations of the same contract months.
  • limited to combinations of the contract month (N-1) of RSS3 Rubber Futures and the contract month (N) of TSR20 Rubber Futures.